Wang’s Happy Trading

Today was a BIG MONEY $$$$$ DAY for us! Even though the market was just flat, we were in the right places at the right time.

First of all, 2 big earnings plays: FLR and CSIQ
As mentioned last night, FLR reported stellar earnings. This trade was brought to us by one of our members, eric:
eric
Posted May 13, 2008 at 6:09 am | Permalink (Edit)
flr…doing way stronger than even I thought it would be….its on fire already…

eric
Posted May 13, 2008 at 7:08 am | Permalink (Edit)
got a nice triple bagger on flr’s [july] 200 calls..

eric
Posted May 13, 2008 at 7:29 am | Permalink (Edit)
might sound crazy but bought some flr oct 230 calls earlier at 5

When FLR went above $190, I commented:
HappyTrading
Posted May 13, 2008 at 11:35 am | Permalink (Edit)
FLR
new leg up!??!

FLR eventually topped $194 today before pulling back.

eric asked:
eric
Posted May 13, 2008 at 11:53 am | Permalink (Edit)
happy,

where does flr stop..lol…

And, I replied:
HappyTrading
Posted May 13, 2008 at 11:55 am | Permalink (Edit)
FLR
eric, in your pockets!!

Great “happy” trading, eric!

Now, CSIQ was a published trade since last week, 5/8:
5/8/08
buy to open
CSIQ ($31)
GQAFF, June 30 calls, at $4 (open)

This morning, CSIQ reported earnings that blew away the estimates. I cashed the trade out with over +180% gain:
CSIQ ($41)
GQAFF, June 30 calls, at $11.3, +182.5% (all out)

Those options went as high as $15 today. Some members held on to those much longer than I did, and, I hope they raked the profits near the top.

FSLR was very hot today! It went up more than $20 at one point and traded almost to $307.
optiondragon led us into some May 300 calls early in the morning:
optiondragon
Posted May 13, 2008 at 6:42 am | Permalink (Edit)
bought FSLR may 300 calls at 3.50

Those options traded as high as $10.7! WOW!! I, myself, actually had been holding FSLR since last week. FSLR charts kept on showing breakout possibilities. I got shook out last week when FSLR could not break above $285. But, I got myself right back in. And, this morning, it popped above $285, and I commented:
HappyTrading
Posted May 13, 2008 at 7:16 am | Permalink (Edit)
FSLR
strong today; next resistance is $300

I bought back the May 290 calls and added June 300 calls, just to make me feel safer:

I sold the May calls way too early. But, since there are only 3 days until expiration, and I still had the Junes, it was still a good play. Those May options went up as high as $18.2!!

I bought these June options on 5/9 and started to ladder out. I’m still holding some. I think FSLR is just beginning to break out again. The last exit today was almost an $8 gain per contract.

We also cashed out in the morning on BIDU and AAPL:
BIDU ($271)
BPJFP, took profits at $22.8, +42.5%

AAPL ($189.5)
APVFQ, June 185 calls, at $12, +18.2% (partially out)

AAPL ($190.5)
APVFQ, June 185 calls, at $12.5, +23.1% (all out)

After cashing out on BIDU and AAPL, I noticed that USO (oil) started to go up fast and the energy stocks were turning green. So, I called out:
HappyTrading
Posted May 13, 2008 at 8:30 am | Permalink (Edit)
energy (including solars), coals, oil services

And, we initiated trades in APA and CNX, which both went much higher. BTU was called out by one of our members, pc:
pc
Posted May 13, 2008 at 8:44 am | Permalink (Edit)
BTU try to breakout

which went flying up +6.4% today!

OII was called out by another member, BillBigD:
BillBigD
Posted May 13, 2008 at 10:04 am | Permalink (Edit)
OII- day 2 of the run from Barron’s on line, mentioned yesterday here

which has been very strong, going from $65 to $77 in 4 consecutive trading sessoin!

What a Happy Day!! I know there were much more great trading ideas and profittable trades coming from lots of different people. But, I don’t have the space (in one post) to mention everyone. So, if I missed mentioning your trade, please forgive me. Like I’ve said before, “We are building wealth, together!” (These daily comments and published trades can only be seen on the member site.)

Now, shall we take a look at the market?

VIX went a little higher, but, stayed under $18. That’s a good thing. The market was pretty flat. INX2 (Internet), SOX (semiconductors) and SWH (software) were once again in the green. USO (oil), OIH (oil services), UNG (natural gas), and XME (metals and mining) were strong, with both USO and UNG hitting new all-time highs. PBW (clean energy) gained +2.3%. FXI (Chinese ADRs) added +1.41%.

SPX

SPX slid just 0.54 points to close at 1403.04. It stayed above the 10-day MA, with the daily MAs still in their bullish formation. The MACD was flat.

Nasdaq

Nasdaq added +6.63 points to close at 2495.12. Its daily MAs and MACD glided higher. One more jump, Nasdaq should catch its daily upper BB!

The market still looks strong. On one hand, the energy and commodity sectors are still going higher; on the other hand, techs are getting stronger. VIX stayed below $18. If VIX gets pushed lower again, it could start a new leg down to $16 before seeing resistance. Financials were on the weak side today; we’ll need to see some strength back into this sector. CPI is coming out tomorrow. So, we’ll also be watching that.

With energy stocks flying and oil prices high, solar plays are getting lots of attention again. Today, CSIQ’s amazing earnings report may have kicked off a new rally for this sector. As mentioned before, PBW was strong today. It is showing a breakout point at $22 and closed at $21.84 today. Here are PBW’s top holdings. After the market, AMAT reported earnings and said that the semiconductor equipment industry was nearing the end of its downturn. AMAT shares traded up slightly, just above $20.

Good night and HappyTrading! ™